On November 15, 2011, I delivered the afternoon Keynote Speech at the Fall Symposium of the National Association of Independent Broker Dealers (NAIBD). The topic of my remarks was "The Failed Partnership Between Wall Street's Regulated and Regulators."

Frankly, I found the moment an awkward one. For much of the last decade from my perch in what was referred to as the NASD Dissident/NASD Reform/NASD Dissident-Reform Movement (and now known by the preamble of FINRA), I have banged heads with NAIBD. That my shadow crossed over the threshold of one of that organization's events was as much as surprise to me as a likely uncomfortable shock for some in attendance.

On the other hand, it is only from the clash of ideas in the marketplace that innovation emerges, and as readers of my columns know, I love robust debate and a frank, blunt exchange of ideas -- provided it's civil and done in the spirit of testing one's core beliefs with an openess to a change of opinion and position.

Below is the version of my remarks as contained in the script that I used during my speech. As with any lawyer, I edited as I went along -- some things were left out and some things were expanded. Nonetheless, as raw and honest as is possible, here's what I said:

INTRO

Good afternoon. As you’ve likely figured out from the promotional material for today’s program and from that introduction, my name is Bill Singer. Yes, I know, I’m much older and shorter in person. Frankly, it’s not that big a mystery. The photo that I use for my websites, and for my Forbes and Registered Rep magazine columns is about ten years old.

TOPIC OF SPEECH

As the program notes indicate, I’ve chosen a cheery, upbeat topic for my speech: The failed partnership betweenWall Street's regulated and regulators. My intent is that my remarks be received in a constructive manner, but I warn you – these are difficult times and I have no desire to be mistaken for a cheerleader or a face-painted fan in the stands. For some two decades, I’ve been on the field, tackling and getting tackled, and I’ve seen enough penalty flags thrown to last a lifetime. So, put on your pads, strap on your helmet. The Halftime Show is over.